EUR/JPY Price Analysis: Initial contention emerges near 147.00

• EUR/JPY struggles for direction just below the 148.00 mark.
• Further losses could see the 146.30 area revisited in the near term.

EUR/JPY seems to have met some initial contention around the 147.00 zone so far this week (low May 4).

The strong downside seen in the last sessions appears to have dented the bullish outlook. Against that backdrop, the ongoing correction carries the potential to extend to the weekly low at 146.30 (April 25), where bears are expected to meet decent support.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.71.

EUR/JPY daily chart